Revenue growth of 10.66% is structurally constrained by a 10.99% gross margin, which reflects a labor-heavy business model with limited potential for significant margin expansion.
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Sales/Revenue | 12.81M | 11.57M | 13.16M | 20.82M | 11.58M |
| Revenue Growth % | 10.66% | -12.06% | -36.8% | 79.76% | - |
| Cost of Goods Sold | 11.4M | 10.77M | 11.64M | 18.15M | 9.36M |
| COGS % of Revenue | 89.01% | 93.07% | 88.4% | 87.15% | 80.77% |
| Gross Profit | 1.41M | 802.35K | 1.53M | 2.68M | 2.23M |
| Gross Margin % | 10.99% | 6.93% | 11.6% | 12.85% | 19.23% |
| Gross Profit Growth % | 75.39% | -47.43% | -42.96% | 20.12% | - |
| Operating Expenses | 1.34M | 1.52M | 2.93M | 2.3M | 1.27M |
| OpEx % of Revenue | 10.48% | 13.14% | 22.25% | 11.05% | 11% |
| Selling, General & Admin | 1.1M | 1.22M | 2.45M | 1.96M | 798.43K |
| SG&A % of Revenue | 8.62% | 10.55% | 18.61% | 9.43% | 6.89% |
| Research & Development | 238.15K | 300.52K | 479.22K | 337.77K | 476.42K |
| R&D % of Revenue | 1.86% | 2.6% | 3.64% | 1.62% | 4.11% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 64.36K | -719.09K | -1.4M | 373.97K | 952.94K |
| Operating Margin % | 0.5% | -6.21% | -10.65% | 1.8% | 8.23% |
| Operating Income Growth % | 108.95% | 48.72% | -474.96% | -60.76% | - |
| EBITDA | 76.5K | -578.7K | -1.22M | 568.04K | 1.11M |
| EBITDA Margin % | 0.6% | -5% | -9.29% | 2.73% | 9.54% |
| EBITDA Growth % | 113.22% | 52.65% | -315.17% | -48.6% | - |
| D&A (Non-Cash Add-back) | 12.14K | 140.39K | 179.98K | 194.07K | 152.19K |
| EBIT | 66.73K | -1.01M | -1.25M | 449.23K | 992.46K |
| Net Interest Income | -31.51K | -24.03K | -55.64K | 7.32K | 1.05K |
| Interest Income | 0 | 0 | 0 | 7.32K | 1.05K |
| Interest Expense | 31.51K | 24.03K | 55.64K | 0 | 0 |
| Other Income/Expense | -29.14K | -311.49K | 96K | 78.57K | 40.39K |
| Pretax Income | 35.22K | -1.03M | -1.31M | 452.54K | 993.33K |
| Pretax Margin % | 0.27% | -8.9% | -9.92% | 2.17% | 8.57% |
| Income Tax | 28.53K | 32.24K | 23.42K | 200.33K | 85.81K |
| Effective Tax Rate % | 81.01% | -3.13% | -1.79% | 44.27% | 8.64% |
| Net Income | -8.75K | -1.02M | -1.26M | 239.6K | 862.14K |
| Net Margin % | -0.07% | -8.79% | -9.6% | 1.15% | 7.44% |
| Net Income Growth % | 99.14% | 19.54% | -627.6% | -72.21% | - |
| Net Income (Continuing) | 6.69K | -1.06M | -1.33M | 252.21K | 907.52K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 49.8K | 37.92K | 86.02K | 162.32K | 77.53K |
| EPS (Diluted) | -0.00 | -0.08 | -0.10 | 0.02 | 0.07 |
| EPS Growth % | 99.1% | 19.55% | -628.26% | -72.25% | - |
| EPS (Basic) | -0.00 | -0.08 | -0.10 | 0.02 | 0.07 |
| Diluted Shares Outstanding | 13M | 13M | 13M | 13M | 13M |
| Basic Shares Outstanding | 13M | 13M | 13M | 13M | 13M |
| Dividend Payout Ratio | - | - | - | - | - |
Thin operating margin buffer
As reported in recent financial disclosures, BIYA achieved a 10.66% year-over-year revenue growth, suggesting the company is successfully capturing market share within the competitive Shenzhen SME ecosystem despite broader economic pressures that have hampered the performance of several regional peers in the software and staffing sectors.
The double-digit growth rate indicates that the company's localized labor dispatching model remains in demand, likely serving as a critical compliance and staffing bridge for smaller enterprises. However, investors should monitor whether this expansion is driven by sustainable service contracts or lower-margin, transactional labor placements that offer limited long-term revenue visibility.
Based on reported figures, the company maintains a gross margin of approximately 10.99%, a level that appears characteristic of a labor-heavy business model where revenue is recognized on a gross basis, thereby structurally capping the potential for significant margin expansion without a fundamental shift in service mix.
This thin margin profile suggests that the company's software and consulting segments are not yet contributing enough high-margin revenue to offset the costs associated with its primary staffing operations. The reliance on low-margin labor dispatching leaves the firm highly susceptible to any increases in statutory social insurance or labor costs in the Guangdong region.
According to the provided financial data, BIYA operates with a razor-thin 0.50% operating margin, which implies that nearly all gross profit is consumed by administrative and selling expenses, leaving the company with almost no operational leverage to absorb fluctuations in demand or unexpected increases in overhead costs.
The lack of meaningful operating income scaling suggests that the company's current administrative structure is not optimized for efficiency, potentially due to the disparate nature of its logistics, education, and staffing business lines. Without a significant reduction in SG&A intensity, the company may struggle to convert top-line growth into meaningful bottom-line profitability.
While the market may categorize BIYA as a software entity, the company's financial profile suggests it functions primarily as a low-margin labor utility, a distinction that warrants further investigation regarding the sustainability of its current valuation and the potential for future margin compression in a tightening regulatory environment.
Short-term risks are elevated by the company's limited cash position of $1.6M relative to its revenue, which could create a liquidity squeeze if accounts receivable turnover slows down. Investors should be wary of the possibility that the firm's software development efforts are merely implementation-based services rather than scalable, high-margin intellectual property.
Quick answers to the most common questions about buying BIYA stock.
For fiscal year 2024, Baiya International Group Inc. Ordinary Shares (BIYA) reported total revenue of $12.8M. This represents a 10.6% increase compared to $11.6M in 2020.
Baiya International Group Inc. Ordinary Shares (BIYA) reported a net loss of $0.0M for the fiscal year ending 2024.
Baiya International Group Inc. Ordinary Shares (BIYA) reported an operating income of $0.1M, resulting in an operating profit margin of 0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Baiya International Group Inc. Ordinary Shares (BIYA) generated $1.4M in gross profit for the year, representing a gross profit margin of 11.0%. This demonstrates the company's core pricing power and production efficiency.